The Michelson Organization: Investment Strategies

Michelson acquires core, core-plus and value added properties in the growth sub-markets of most significant cities. Our track record shows a solid history of strong risk-adjusted returns from a number of investment strategies that focus on assest quality, sub-market dynamics, buying opportunities, management opportunities, strategic property improvements and intelligent capital structures.

Asset Quality: Quality product in strong sub-markets can outperform competitors in strong
and soft markets.

Sub-Market Dynamics: Stable and improving sub-markets offer better prospects for
increasing rental rates and asset values.

Buying Opportunities: Michelson has a long history of acquiring assets with unrealized
potential, prior to strong market moves and from motivated sellers.

Management Opportunities:  Michelson’s Commitment to Quality philosophy offers one
of many tools that Michelson uses to outperform close competitors with existing high quality management.  Michelson can improve operations at well-run properties and at under
managed properties.

Strategic Property Improvements:  Minor repositioning to complete rehabilitations and expansions
can unlock hidden value at properties.

Intelligent Capital Structures:  Advantageous and selective use of debt, tax-advantaged
and equity structures can increase equity values in simple and complex situations.

Michelson outperforms the market through:

♦   Investment Strategies
♦   Strategic Advantages
♦   Asset Management
♦   Property Management